Amid an increasingly complex and challenging international landscape, China continues to advance reforms and expand high-level opening-up, playing a pivotal role in global economic growth, according to economists and business leaders attending the seventh China International Import Expo (CIIE) in Shanghai. They noted that China’s commitment to high-level opening-up will create new growth opportunities for stakeholders worldwide.

Their comments followed the release of the World Openness Report 2024, published on Tuesday during a session of the Hongqiao International Economic Forum, a key event at the CIIE. The report, a joint publication by the Institute of World Economics and Politics of the Chinese Academy of Social Sciences and the Research Center for the Hongqiao International Economic Forum, highlighted China’s rising openness index, which reached 0.7596 in 2023, up from 0.6789 in 2008. China also ranked 38th in openness among 129 economies in 2023, improving one place from 2022.

“Openness is a clear hallmark of China’s modernization,” said Qu Weixi, director of the Research Center for the Hongqiao International Economic Forum. “By advancing reform and development through openness, China aims to achieve win-win outcomes domestically and globally.” Qu added that China’s high-level opening-up has helped drive reforms in global economic governance, fostering cooperation and stability.

Qu emphasized China’s role as a promoter, participant, and contributor to enhanced global governance. Through its active involvement in global industrial networks and economic partnerships, China has shared growth opportunities with countries worldwide, helping sustain a diverse and stable international economic framework.

The report also revealed a decline in the global openness index, which fell by 0.12 percent year-on-year to 0.7542 in 2023. Despite this trend, Zhang Yuyan, an academician with the Chinese Academy of Social Sciences, expressed optimism, noting that “economic globalization has not experienced a fundamental reversal” and that “small streams” promoting openness continue to converge.

Additionally, the report indicated that global value chains have expanded overall, with foreign added value in global exports reaching an all-time high of 24 percent in 2022—up one percentage point from 2021 and four percentage points from 2009.

Cecilia Ugaz Estrada, managing director of the Directorate of Strategic Planning and Programming at the United Nations Industrial Development Organization, pointed to digitalization and the energy transition as new engines for global economic growth, highlighting China’s leadership in sustainable industrial transformation.

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